THE IMPACT OF THE NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY IN NIGERIA (1990-2003)
Abstract
This study aims to explore the impact of new product developments in the Nigerian banking industry (1990-2003).
For this study, the researcher will select four of his products and measure customer satisfaction. Selected products are smart cards, international money transfers, education schemes and transaction integrated banking networks.
Data for this study were collected through questionnaires and interviews with bank customers and a review of existing literature on the topic using simple random sampling and descriptive research methods. Data collected in this way were analyzed using simple percentages and formulated hypotheses were tested using the chi-square (X2) method. Some of the results are the measurable impact of new products on accessibility, speed, timeliness, simplicity, and reliability.
Most of the customers who love our new products want to send money domestically and internationally. Customers show high satisfaction with the new product.
The banking industry’s inadequate level of infrastructure and high installation costs contributed to potential problems with new products.
Based on the results, banks were encouraged to join forces to set up a joint data communications satellite to minimize contractual issues. Parallel organizations could emerge to compete with NEPA to supply power so that efficient power supply could be guaranteed.
Finally, this study alone cannot exhaust this important topic and further research is recommended.
chapter One
1.1 Research background
The history of banking in Nigeria dates back to the pre-independence era. The creation of banks was motivated by the government’s willingness to instill a banking culture and the people’s own desire to find ways to facilitate financial intermediation.
More recently, from 1990 to 2003, a number of techniques were adopted by bankers to promote customer service and customer satisfaction, beginning to influence new products developed in the banking industry. These new products being developed in today’s banking industry revolve around banking and information technology. As a result, researchers are trying to study the impact of new products developed in the banking industry between 1990 and 2003.
1.2 Problem Description
The purpose of this study is to determine the impact of new products developed in the banking industry between 1990 and 2003.
Therefore, statements about effectiveness in research work remain about the extent to which new products in today’s banking industry have been able to meet customer satisfaction. When looking at impact statements, it is important to remember that some customers come to the bank for specific needs specific to their situation, while others come to the bank for more general reasons. . This new capacity in the banking industry to meet customer needs and promote customer satisfaction determines efficiency.
1.3 Purpose of the survey
Given the impacts identified, this study will achieve the following objectives: 1. To identify the impact of new product and service delivery strategies in banks.
2. To find out whether new products developed by banks are convenient for customers.
3. Find out if these new products developed by the bank meet customer needs.
4. Find out if wire transfers are one of the prospects for new products the bank is developing.
Five. To find out if the right level of infrastructure is part of the impact of new products in the banking industry.
1.4 Research question
1. What is the impact of new product and service delivery strategies in banks?
2. A new customer-friendly product developed in the banking industry? 3. Can these new products meet customer needs?
4. Is Find Transfer one of the new product possibilities the bank is developing?
Five. Is the right level of infrastructure influenced by new products being developed in the banking industry?
1.5 Research hypothesis
The following hypotheses are derived from studies using Wille (H0) and the alternative hypothesis (HI).
1.H0:
The new products developed by the bank did not increase customer support.
hello:
New products developed by banks have increased customer loyalty.
2. H0:
Customers loved the new product, but they weren’t satisfied.
hello:
Customers are satisfied when they love new products.
1.6 Purpose of the survey
This survey is conducted for attractive proposals that meet the requirements for awarding higher national diplomas.
1.7 Importance of research
This research can advance science by acting as a guide for more researchers.Thus, they constitute a very powerful tool for promoting economic development. Bank customers today expect a lot from their banks. Banking is no longer just about money security and higher returns. Customers expect courteous treatment from their banks and efficient, prompt patronage services that meet their needs.
1.8 Justification / Research Justification.
The following groups of people should benefit from this research: bank customers, banks, governments, the general public and future researchers.
1. Bank customers:
Introduces new product ideas in the banking industry and articulates thoughts on the impact of new products.
2. New products:
These are new products introduced to the banking industry that improve the banking process for both customers and bankers. Edemolu A (1998).
3. Bank:
Bank means an institution licensed to carry on banking business in Nigeria characterized by facilitating the acceptance and withdrawal of deposits, equipment leasing, discounts, and other financial transactions, depending on the type of bank is. Ukenam. CO (2000).
4. Bank customers:
A person or organization that has an account with a bank and conducts financial transactions with the bank. 1. Universal Banking:
This is the concept or banking policy that each bank is free to decide which type of banking business it can engage in, or the situation in which commercial banks are free to engage in both conventional activities. Orji. J (2001). 2. Banking:
It is a prominent member of the service sector of the Nigerian economy.
3. Developed:
Mature or more advanced.
1.14 Organization/Planning
To achieve this, researchers want to study the impact of new products being developed in the banking industry, and the project is divided into five chapters. Chapter 1 is about the introduction. Among other things, the background of the study, a description of its impact, the goals and research questions set, the hypotheses to be tested, their significance, objectives and justifications.
Chapter 2 is literature search. It is divided into three areas – a theoretical framework in which the researcher has demonstrated that the project is relevant to the course, a review of previously completed related projects, a review of the research effort by the researcher, a summary and Justification of a literature review aimed at uncovering knowledge gaps that researchers are trying to fill.
Chapter 3 deals with the methodology of study design. He describes the process researchers used in conducting their research.
Chapter 4 is data presentation and analysis. It is divided into analysis and interpretation, questionnaire testing of hypothetical findings.
Chapter 5 is the conclusion, which summarizes our findings, recommendations, and suggestions for further investigation.
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